Wall Street kicked off “Fed week” in a cautious mood on Monday, December 8, 2025. U.S. stock futures ticked slightly higher, with the S&P 500 hovering just below record territory as traders priced in an ~85–90% chance of another 25‑basis‑point rate cut at the Federal Reserve’s final meeting of the year. TechStock²+1
Beneath that calm index-level picture, several individual U.S. stocks logged outsized losses, led by biotech, AI‑chip, consumer staples and med‑tech names. According to TipRanks’ “Stock Market Losers Today” screen for U.S. equities (data from late morning Eastern time), the day’s biggest percentage decliners included: [1]
- Legend Biotech (LEGN) – down about 12.8%
- Marvell Technology (MRVL) – down about 8.6%
- Unilever PLC ADR (UL) – down about 7.0%
- Via Transportation (VIA) – down about 6.0%
- PROCEPT BioRobotics (PRCT) – down about 5.9%
- Parsons (PSN) – down about 5.7%
- Air Products and Chemicals (APD) – down about 6.0%
- Incyte (INCY), Viking Therapeutics (VKTX), Lucid Group (LCID), Hecla Mining (HL), Dollar General (DG) and several others, off roughly 4–5%
Below is a closer look at the key stories, forecasts and analyst commentary behind the most notable losers.
Macro backdrop: Calm indices, nervous Fed watch
Before diving into individual stocks, it’s worth framing the day’s moves:
- U.S. equity futures: Nasdaq 100 futures were up roughly 0.25%, S&P 500 futures gained about 0.15–0.2%, and Dow futures were barely positive as trading opened. TechStock²+1
- The S&P 500 cash index entered the week within about 1% of its all‑time high near 6,890, leaving little room for disappointment if the Fed sounds more hawkish than expected. TechStock²
- Fed funds futures and analyst surveys now price an 85–90% probability that the Fed cuts its target range from 3.75–4.00% to 3.50–3.75% on Wednesday, December 10. TechStock²+1
Put simply, the index backdrop was quiet but fragile: with stocks near highs and a widely anticipated rate cut, stock‑specific news – from chip‑customer shifts to contract losses and downgrades – drove the biggest losers list.
1. Legend Biotech (LEGN): Top loser after fresh 52‑week low
Move today:
- Price: ≈ $24.5
- Day’s loss: about ‑12.8%
- Status: largest U.S. percentage loser among mid‑ and large‑caps on TipRanks’ screen. [2]
What happened today
Shares of Legend Biotech, the cell‑therapy company behind the multiple‑myeloma treatment Carvykti, sank to a new 52‑week low around $25.7 earlier in the session and extended those losses through the morning. [3]
An Investing.com note flagged that: [4]
- LEGN is down more than 30% over the past year.
- The stock is now trading below many fair‑value estimates, based on discounted cash‑flow and peer multiple models.
- Despite strong revenue growth, the company remains loss‑making.
Analyst forecasts and valuation
Ironically, today’s slide comes against a relatively bullish analyst backdrop:
- RBC Capital Markets reiterated an “Outperform” rating with a $74 price target in a recent note, implying upside of roughly 200% from today’s depressed levels. [5]
- Across Wall Street, MarketBeat and other aggregators show an average 12‑month price target around $70–72, with a high estimate near $90 and a low near the mid‑$50s. [6]
- Consensus ratings cluster around “Buy” / “Strong Buy”, reflecting optimism about long‑term demand for Carvykti and Legend’s broader pipeline. [7]
Fundamental backdrop
Recent research coverage and ASH conference updates have highlighted: [8]
- Robust efficacy data for Carvykti, including progress‑free survival and durability data that compare favorably with other myeloma treatments.
- Expectations for rapid revenue growth as manufacturing capacity ramps and eligibility broadens.
- Ongoing net losses and heavy R&D spend, which make the stock sensitive to shifts in risk appetite and biotech sentiment.
Why it’s falling
There is no single disastrous headline today. Instead, the sell‑off looks like a mix of:
- Biotech risk‑off sentiment as the market sits near highs and investors trim higher‑volatility names into Fed week. TechStock²+1
- Technical pressure after breaking through prior support levels and marking a fresh 52‑week low. [9]
- Possible “sell‑the‑news” flows following a strong run‑up into hematology conference data earlier in the season. [10]
In other words, Legend’s long‑term story hasn’t changed dramatically, but short‑term sentiment clearly has.
2. Marvell Technology (MRVL): AI‑chip favorite hit by Amazon risk and a downgrade
Move today:
- Price: ≈ $90.4
- Day’s loss: about ‑8.6% – second‑biggest loser on the U.S. screen. [11]
The catalyst: likely loss of Amazon custom‑chip business
Marvell Technology, a key provider of data‑center and AI‑related chips, tumbled after a series of reports suggested it may lose future custom‑chip design wins at Amazon Web Services (AWS):
- A Benchmark report downgraded MRVL from “Buy” to “Hold”, warning that Amazon appears poised to shift forthcoming Trainium 3 and 4 AI accelerators to another vendor, likely Alchip or another ASIC house. [12]
- The downgrade argued that Marvell’s XPU (custom accelerator) growth could slow to around 20% in 2026, versus prior expectations for much faster expansion, and that the stock’s valuation already embedded very aggressive assumptions. [13]
This “lost design win” narrative has been amplified across financial media and blogs, making MRVL one of the most discussed losers on the day. [14]
Counterweight: strong AI and data‑center story
The pullback comes just days after bullish updates from both the company and other analysts:
- Marvell recently announced its acquisition of optical‑interconnect specialist Celestial AI, positioning it deeper inside the AI‑data‑center stack. [15]
- Several brokerages raised price targets earlier this month, citing mid‑20% data‑center growth and strong demand for networking and custom silicon. [16]
- According to TipRanks and MarketBeat, the average 12‑month price target now sits around $110–112, implying 20–25% upside from today’s levels, and consensus remains “Moderate Buy.” [17]
How to interpret the drop
Today’s slide is essentially the market repricing Marvell’s “AI optionality”:
- Losing a major AWS program would dent the very highest‑growth portion of the Marvell story.
- At the same time, the company still has broad exposure to AI and cloud capex via networking, storage and other custom chips. [18]
For now, MRVL looks like a classic case where headline risk and valuation are colliding in a high‑expectation AI name.
3. Unilever PLC ADR (UL): Magnum spin‑off hangover and staples rotation
Move today:
- Price: ≈ $55.4
- Day’s loss: about ‑6.8 to ‑7.0% – one of the largest declines among mega‑cap consumer names. [19]
A busy December for Unilever
Unilever’s U.S. ADR is sliding just as the company completes a major restructuring of its ice‑cream and foods business:
- The company has spun off its Ice Cream division into The Magnum Ice Cream Company (TMICC), which began trading today on multiple exchanges, including the NYSE under ticker MICC. TechStock²
- Shareholders receive one TMICC share for every five Unilever shares or ADSs, and Unilever will initially retain about 19.9% of the new company. TechStock²
- Unilever recently agreed to sell its Graze snacking brand and is reportedly exploring the sale of heritage food names such as Marmite, Bovril and Colman’s, continuing a multi‑year slimming of its foods portfolio. TechStock²
A December 2 TechStock² analysis framed all of this as part of a deliberate pivot toward higher‑margin Beauty & Wellbeing and Personal Care, backed by a new CEO and CFO and a plan to drive margins into the high‑teens. TechStock²
Why the stock is under pressure today
According to Reuters‑linked coverage cited in TechStock²’s global market wrap, consumer‑staples stocks were the largest drag in Europe on Monday, with Unilever singled out for a post‑spin‑off slump. TechStock²
Several factors may be converging:
- Technical and index flows as investors rebalance between UL and the newly listed TMICC.
- Short‑term EPS and margin uncertainty, with analysts split on how accretive or dilutive the spin and disposals will be. TechStock²
- A broader rotation out of defensive staples as markets focus on rate cuts and growth sectors again. TechStock²
Forecasts remain cautiously constructive
Despite today’s drop:
- MarketBeat data for the UL ADR show a “Moderate Buy” consensus, with an average 12‑month price target in the high‑$60s to low‑$70s, implying double‑digit upside from around $60 at the start of December. TechStock²
- London‑listed ULVR carries a more mixed “Hold” consensus and a modest low‑single‑digit upside based on City price targets, underscoring that analysts disagree sharply on Unilever’s medium‑term risk‑reward. TechStock²
Today’s move looks less like a verdict on Unilever’s survival and more like the market digesting a complicated corporate surgery.
4. PROCEPT BioRobotics (PRCT): Growth darling hit by BofA downgrade
Move today:
- Price: ≈ $33.7
- Day’s loss: about ‑5.9% – a top‑five loser in the U.S. market. [20]
The catalyst: BofA turns cautious
The main news this morning came from Bank of America:
- BofA downgraded PROCEPT BioRobotics from “Buy” to “Neutral” and cut its price target from $55 to $38, citing signs of slowing utilization growth for the company’s AquaBeam Aquablation BPH surgery platform. [21]
- The report noted that procedure growth has decelerated to mid‑single‑digit percentages year‑to‑date, versus high‑single to low‑double‑digit rates previously, even as overall revenue growth remains above 50% over the past twelve months. [22]
- BofA also pointed to hospital capital‑spending scrutiny as a headwind for new system placements. [23]
Other analyst views
BofA’s caution stands in contrast to a still‑bullish broader sell‑side:
- In early November, TD Cowen slashed its price target from $85 to $50 but maintained a positive rating, calling the market’s negative reaction to new 2026 guidance “excessive.” [24]
- Separate data from Nasdaq, GuruFocus and StockAnalysis show: [25]
- A consensus rating around “Overweight/Buy” from most covering analysts.
- Average 12‑month price targets in the low‑to‑mid‑$50s, implying roughly 50–70% upside versus today’s low‑$30s price.
So while BofA has moved to the sidelines, the median view still sees PRCT as a high‑growth med‑tech story, albeit with more execution risk than before.
Takeaway
Today’s drop illustrates how rate‑sensitive, high‑multiple medical‑device names can react violently when a marquee bank questions the growth trajectory, even if most analysts remain optimistic.
5. Parsons (PSN): FAA mega‑contract loss still stings
Move today:
- Price: ≈ $62.9
- Day’s loss: about ‑5.7% – among the biggest institutional‑quality decliners. [26]
The backstory: losing a $12.5 billion FAA deal
Today’s weakness extends a brutal slide that began late last week:
- On December 5, Raymond James downgraded Parsons from “Strong Buy” to “Market Perform” after the company lost a marquee Federal Aviation Administration contract – the roughly $12.5 billion BNATCS air‑traffic‑control systems project, which went to rival Peraton instead. [27]
- The bank highlighted that Parsons’ shares had been trading at a ~35% valuation premium to peers, largely on expectations of winning that contract, and warned that much of that premium could now be “cut in half or more.” [28]
- Barchart and other market commentators noted that PSN plunged more than 20–25% on the day of the news as investors rapidly repriced future growth. [29]
Why it’s still falling
Even after last week’s crash, PSN continues to feature among the largest U.S. losers:
- Some holders appear to be exiting positions rather than waiting for new catalysts.
- The stock is now caught between long‑term bulls – who still see solid demand in defense, cyber and infrastructure – and shorter‑term investors who had bet specifically on BNATCS. [30]
Raymond James stressed that Parsons’ fundamental positioning remains “largely intact”, but acknowledged that many of the most exciting opportunities are now “medium‑term options” rather than near‑term stock drivers. [31]
6. Other notable losers: APD, LCID, DG, HL and biotech names
Beyond the headline names above, today’s biggest‑losers list offers a snapshot of several broader market themes. [32]
Air Products & Chemicals (APD) – industrial gas giant deflates
APD fell roughly 6% in Monday’s session, according to the TipRanks losers table. [33]
There were no widely reported, fresh company‑specific headlines during the morning, suggesting the move reflects a mix of:
- Ongoing volatility in cyclical and industrial‑gas names as investors reassess global growth.
- Some profit‑taking after a stronger 2025 run relative to earlier years.
Without a clear new catalyst, APD’s inclusion on the losers list looks more technical than structural.
Lucid Group (LCID) – EV volatility continues
Luxury EV maker Lucid Group slid about 5.1% to the low‑teens. [34]
Recent coverage has emphasized:
- The stock is down roughly 55% in 2025, weighed down by:
- A wider‑than‑expected Q3 loss and revenue miss,
- A heavily scrutinized $875 million convertible‑note offering,
- High management turnover and a short interest near 50% of free float.
- Lucid remains one of the most heavily shorted names in the market, which amplifies both rallies and sell‑offs.
Today’s decline fits into that broader, high‑beta EV unwind, made more sensitive by Fed‑rate and growth‑stock sentiment.
Dollar General (DG) – giving back some post‑earnings gains
Discount retailer Dollar General dropped about 4.1% after a strong post‑earnings run. [35]
Last week, DG reported Q3 2025 earnings that:
- Beat EPS expectations by more than 35% ($1.28 vs. $0.94).
- Delivered 4.6% revenue growth and a solid same‑store sales increase.
- Came with guidance calling for 4.7–4.9% full‑year net‑sales growth, 2.5–2.7% same‑store sales growth, and 450 new store openings in 2026.
The stock rallied more than 10% on the earnings surprise, so today’s drop likely reflects profit‑taking and macro worries about lower‑income consumers, rather than a fresh downgrade of the long‑term story.
Hecla Mining (HL) – miners wobble after a strong run
Silver‑focused Hecla Mining fell about 4.4% to the mid‑$16 range. [36]
A recent StockInvest.us technical note pointed out that HL had:
- Gained more than 28% over the prior two weeks,
- Entered a strong short‑term rising trend, but
- Flashed some warning signs (falling volume on rising prices and a recent pivot‑top signal), suggesting heightened risk of a pullback.
Against that backdrop – and with gold near record highs and talk of a potential “gold–stocks double bubble” from the BIS – a modest correction in miners isn’t surprising.
Viking Therapeutics (VKTX), Incyte (INCY) and other biotech names
Biotech names such as Viking Therapeutics (VKTX) and Incyte (INCY) also appeared on the losers list, each down around 5%. [37]
- VKTX has been highly volatile since a brutal sell‑off earlier this year following weight‑loss trial developments, with analysts still rating it “Moderate Buy” but emphasizing risk.
- INCY continues to trade in a news‑driven pattern tied to its oncology and immunology pipelines, where any clinical or competitive headline can trigger outsized daily moves. [38]
Today’s declines look like a classic biotech risk‑off day in the shadow of a major Fed decision.
What today’s biggest losers say about the market
Put together, December 8’s biggest stock losers in the U.S. echo several key 2025 themes:
- AI and custom silicon are not a straight line
- Marvell’s drop shows how customer‑concentration and design‑win risk can derail even beloved AI‑chip names when a major hyperscaler appears to pivot elsewhere.
- Corporate restructurings create winners and losers – sometimes within the same company
- Unilever’s spin‑off of TMICC and ongoing portfolio pruning are meant to create a more focused, higher‑margin business, but near‑term index flows and valuation uncertainty are weighing on the stock.
- High‑growth med‑tech and biotech remain hypersensitive to ratings changes
- A single downgrade or cautious note – as seen with PRCT and, earlier, LEGEND – can trigger double‑digit one‑day losses in names priced for perfection.
- Contract concentration is a double‑edged sword
- Parsons’ FAA disappointment reinforces that government contractors that trade on “winner‑take‑most” contract expectations can see their valuations reset overnight when the contract goes elsewhere.
- Macro and positioning still matter
- With Fed week, a possible gold‑and‑stocks “double bubble” warning from the BIS, and equities near highs, investors are quick to lock in gains and de‑risk wherever valuations look stretched or newsflow turns ambiguous.
How investors might approach days like this
Nothing in this article is personal investment advice, but there are a few general lessons that days like December 8, 2025 tend to reinforce:
- Look beyond the headline move. A 5–13% drop can be driven by very different things: a fundamental thesis break (Parsons losing a $12.5bn contract), a valuation/positioning reset (MRVL, UL), or simply a technical pullback after a big run (HL, DG).
- Anchor on long‑term fundamentals, not just short‑term volatility. For names like LEGN, MRVL and PRCT, consensus still sees meaningful upside over 12 months despite today’s pain – but those projections come with real execution and macro risks.
- Respect liquidity and concentration risk. Highly shorted stocks (LCID), micro‑caps and single‑contract stories can move far more violently around news, especially in thin sessions ahead of major macro events.
- Diversification and risk management matter more when both gold and stocks look expensive. As the BIS has warned, a world where traditional “safe havens” rally alongside equities could also be one where they correct together.
For now, today’s list of biggest stock losers is a reminder that even on a relatively calm day for the indices, stock‑specific news, valuations and expectations can still produce plenty of drama underneath the surface of the U.S. market.
References
1. www.tipranks.com, 2. www.tipranks.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.marketbeat.com, 7. simplywall.st, 8. www.tipranks.com, 9. www.investing.com, 10. www.tipranks.com, 11. www.tipranks.com, 12. seekingalpha.com, 13. www.gurufocus.com, 14. www.barrons.com, 15. www.reuters.com, 16. www.marketbeat.com, 17. www.marketbeat.com, 18. www.reuters.com, 19. www.investing.com, 20. www.tipranks.com, 21. www.investing.com, 22. www.investing.com, 23. www.investing.com, 24. www.investing.com, 25. stockanalysis.com, 26. www.tipranks.com, 27. uk.investing.com, 28. uk.investing.com, 29. www.nasdaq.com, 30. uk.investing.com, 31. uk.investing.com, 32. www.tipranks.com, 33. www.tipranks.com, 34. www.tipranks.com, 35. www.tipranks.com, 36. www.tipranks.com, 37. www.tipranks.com, 38. www.tipranks.com
